Petropavlovsk signs K&S development deal

SarahTurner

LONDON (MarketWatch) -- Mining group Petropavlovsk
POG, +1.97%
said Tuesady that it has signed a cooperation agreement with Xuan uan Industrial Development, or XY-Group, under which they will jointly develop the K&S iron ore project. In the first stage of the deal, XY-Group will finance the construction of a mining operation at K&S to produce 3.2 mtpa of 65% iron ore concentrate. The parties will then review the development of the expansion of the 3.2 mtpa operation. The first stage is expected to incur $375 million of capital expenditure and XY Group will provide at least 70% of the funding for this stage via a loan with a term of around ten years.

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